GDX vs RGLD: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Royal Gold, Inc. (RGLD) trade together? Their weekly returns over three years give a correlation of 0.90, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and RGLD?
Across a 3-year window, the weekly returns of GDX and RGLD correlate at 0.90, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.94) sits close to the 3-year figure. Stretching to 5 years gives 0.89, with an annualized covariance of 1318.8 %².
Within GDX's tracked universe of 78 assets, RGLD comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 16.6 percentage points (+69.9% for GDX against +53.3% for RGLD).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
GDX vs RGLD: side by side
| GDX (VanEck Gold Miners ETF) | RGLD (Royal Gold, Inc.) | |
|---|---|---|
| 1-year return | +69.9% | +53.3% |
| 5-year return | +245.5% | +156.8% |
| Volatility (ann.) | 40.9% | 35.8% |
| Beta vs S&P 500 | 0.88 | 0.64 |
| Max drawdown (3Y) | -38.9% | -38.2% |
| Market cap | – | $22.8B |
| P/E (trailing) | – | 29.5 |
| Dividend yield | – | 0.36% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | RGLD |
|---|---|---|
| 2022 | -9.0% | +8.5% |
| 2023 | +10.0% | +8.7% |
| 2024 | +10.6% | +10.4% |
| 2025 | +154.8% | +70.4% |
| 2026 | +20.9% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and RGLD good diversifiers for each other?
No: a correlation of 0.90 means GDX and RGLD tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GDX and RGLD?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.94 over the last year and 0.89 over 5 years.
Is RGLD a good diversifier for GDX?
No: a correlation of 0.90 means GDX and RGLD tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.90 mean?
A reading of 0.90 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gdx-vs-rgld.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-rgld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDX correlations · RGLD correlations
